Overseas Chinese Equities, Aequitas Research

Ming Lu

A veteran with 19-year experience in equity research.

Geographical coverage:
* Companies operating in China, but listed in Hong Kong and the U.S.
* Previously China A-share (listed in mainland China).

Equity sector coverage:
* Chinese App / Internet-based consumption in China, e.g., Alibaba, Tencent, etc.
* Previously covered education, transportation, telecom, power, bank, advertisement, hotel, etc.

Research methods:
* Generally bottom-up.
* Talk to related people on the ground.  Talk to readers and independent writers for analyzing a news portal.  Talk to parents and teachers for analyzing a tutoring school. 
* Visit stores and show photos as evidence in notes.
* Do technical analysis when finding a short-seller attacking an equity.

Languages:
* English
* Mandarin Chinese (Official language of China)
* Shanghainese (Language of Shanghai, the most developed city in China)
* Cantonese (Language of Hong Kong and Canton Province, one of the most developed provinces in China)

Overseas Chinese Equities

Alibaba (BABA): Online Product Shopping Up 3% Vs. Total Retail Down 20% in China

China Internet Weekly (23Mar2020): Weibo Leaked Personal Data Including Its CEO’s Phone Number.

Alibaba's Softbank Driven Placement - Sounds Big but May Not Be as Large in the End

Tencent Music (TME) Earnings Preview: No Exclusive Advantage, Overvalued

China Internet Weekly (9Mar2020): Game News on Tencent, NetEase, and Alibaba

Tencent (700 HK): Expect Higher Q4 Than Consensus as Game Industry Accelerated

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Bottom-Up

Alibaba Group Holding  / Equity Bottom-Up

<ul>
<li>IKEA started an online store on Alibaba (BABA)’s Tmall.com and Gome started an online store on JD.com.</li>
<li>Alibaba (BABA)’s home delivery network, Cainiao, recovered to its full labor capacity before the epidemic.</li>
<li>Trip.com (TCOM) cut salary by 40%.</li>
</ul>


IKEA started an online store on Alibaba (BABA)’s Tmall.com and Gome started an online store on JD.com.
Alibaba (BABA)’s home delivery network, Cainiao, recovered to its full labor capacity before the epidemic.
Trip.com (TCOM) cut salary by 40%.


China Internet Weekly (16Mar2020): IKEA Goes to Alibaba and Gome Appliance Goes to JD.com